Tesla and SpaceX Chief Executive Officer (CEO), Elon Musk has been known to be significantly bullish on Dogecoin (DOGE), often posting humorous tweets about the popular meme coin. However, recently the SpaceX CEO announced that he is not actively involved in cryptocurrency. This appears to contradict his very public adoration for Dogecoin, the king of meme coins, raising the question of why he continues to favor Dogecoin over other cryptocurrencies.

Elon Musk Steps Back From Crypto

In a recent video shared by a popular Dogecoin supporter account called ‘CEO’ on X (formerly Twitter), Musk publicly declared that he is not actively involved in cryptocurrencies. This statement could come as a shock to many in the crypto community, considering the SpaceX CEO’s past involvement in cryptocurrencies.

Being known to be the biggest backer of Dogecoin, the top meme coin, Musk’s influence has been constantly revered as a bullish factor that could drive DOGE to new levels. Earlier in April 2019, the Tesla CEO tweeted about Dogecoin, calling it his favorite cryptocurrency. Subsequently, Musk announced in January 2022 that he would begin accepting DOGE payments for merchandise on Tesla.

The billionaire entrepreneur was also the primary contributor to Dogecoin’s massive fame, and value increase due to his occasional humorous comments about the meme coin. These numerous involvements with the DOGE meme coin certainly contradict Musk’s declaration of stepping back from actively participating in cryptocurrency.

The possible reason behind the SpaceX CEO’s reluctance to engage in cryptocurrency may be due to previous challenges faced, as he was sued for allegedly promoting DOGE. In June 2023, Musk was accused of insider trading by investors, leading to a $258 billion lawsuit. Fast forward to August 2024, the SpaceX CEO had won the dismissal of the lawsuit and while this was a major victory, the hassles from the lawsuit may have spurred on his recent step back from crypto.

Despite not being actively involved in cryptocurrency like he says, Musk’s companies still utilize it as payment and hold a considerable amount of Bitcoin. Tesla has adopted Dogecoin payment and currently owns 9,720 BTC, worth $667.7 million, while SpaceX holds 8,285 BTC, valued at $572.05 million.

Musk’s Support For Dogecoin Still Bullish

While Musk has taken a step back from actively engaging in cryptocurrencies, the Tesla CEO appears to be notably bullish on DOGE. In the earlier X video, Musk expressed his affection for Dogecoin, citing its playful dog-themed humour as part of his reason for his continued enthusiasm.

He explained that he frequently made jokes about Dogecoin because he felt that the meme coin had the best sense of humor, with its fun dog-themed memes. Moreover, the Tesla CEO also played a key role in Dogecoin’s over 10% surge last week after he mentioned his new proposal, “The Department Of Government Efficiency (D.O.G.E).”